Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
The deal between Bharti group and Tata Teleservices is yet another example of how swiftly things can change in business.
According to Ambani's presentation, data rates per GB are around $30 in Japan, $18 in Korea, $15 in China, $7.5 in Spain and $6 in South Africa
Tata Group had hinted at combining its enterprise business with Tata Communications and its fixed-line and broadband businesses with Tata Sky.
Flag Telecom, a fully owned subsidiary of Reliance Communications, is divesting 15-20 per cent of its equity stake to strategic and financial investors.
The Reliance decision was challenged by various GSM-mobile phone firms and there is an attempt to create a split in their ranks -- Maxis Aircel has already withdrawn from the court case, and it is likely another one or two firms will follow as they've been made to believe this improves their chances of getting spectrum.
Telecom companies put in bids worth a total of about Rs 45,000 crore (Rs 450 billion) on the second day of the auction on Tuesday, with premium 900 Mhz band in Delhi, Mumbai and Kolkata witnessing continuing demand.
Moving closer to demerger of power, telecom and financial businesses from it, Reliance Industries on Thursday invited notices in support or against the demerger petition, which would come up for hearing in the Bombay High Court on November 25.
Plans to set up an integrated pharma firm in a phased manner.
Facebook is now attempting to make truce with telecom operators through its programme.
Ambani has unveiled an over Rs 1.8 trillion capex plan for the next three years.
Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. NSE Nifty advanced 21.85 points to 16,280.10.
In what could be one of the largest outsourcing deals in the Indian telecom space, Reliance Communications is close to awarding a $500-600 million (Rs 2,500-3,000 crore) operations and maintenance contract to Foprench telecom infrastructure provider Alactel-Lucent.
Sensex rises, Nifty holds 8,900; FMCG, Pharma shares lead.
Evoking extremely good response from investors, Reliance Industries on Wednesday closed at Rs 715.50 a share
With telecom disruptor Reliance Jio not raising tariffs, incumbents Bharti Airtel and Vodafone Idea are focusing on the minimum monthly recharge and higher first recharge offers to ensure they retain only loyal and revenue-incremental subscribers, reports Romita Majumdar.
US based telecom software company Sotas Inc said on Wednesday that it would invest $3 million in its research and development unit at Gurgaon besides doubling its headcount to 100 from the current 50.
Revenue decline has left the operators with little money to service their mostly 3G and partly 4G infrastructure leading to poor data and voice quality.
Oil, banks eneded the day in green while few in auto sector lost heavily.
Reliance Industries (RIL) has cut estimates for proven gas reserves in its Krishna-Godavari block off the east coast by 6.7 per cent, to 3.67 trillion cubic ft (tcf), the company said in its annual report.
Complimenting West Bengal government, Mukesh Ambani said, "We have got all the approvals in a time-bound manner."
Move comes in view of big debt overhang in two sectors; companies unwilling.
Move comes in view of big debt overhang in two sectors; companies unwilling.
The intra-city cable leasing deal will give RCom Rs 1,200 crore, which will be used to clear some of its debt.
On 60th Independence Day, it is bonanza time for telecom subscribers with operators rolling out a range of services.
Billionaire Mukesh Ambani on Tuesday hinted at rolling out 5G telecom services in the second half of 2021 and said policy steps are needed to accelerate the early rollout of ultra-high-speed 5G services that are affordable and available everywhere. Ambani, whose four-year-old telecom venture Jio has captured the No.1 spot offering free voice calling and data at dirt-cheap rates, also pitched for developing hardware manufacturing in India, saying the nation cannot rely on imports in such a critical area. 5G is the 5th generation mobile network that enables connecting virtually everyone and everything together including machines, objects, and devices. India, he said, is today among the best digitally connected nations in the world.
With RIL entering a new growth phase in telecom and retail, gen-next, say RIL executives, could soon be seen holding the reins of the firm, assisting their father, Chairman Mukesh Ambani.
The framework for new licences will be ready by end of this financial year.
French telecom infrastructure player Alcatel has bagged an approximately $350 million (roughly Rs 1,400 crore) contract from FLAG Telecom, a subsidiary of Reliance Communications (RCom), to build a fully IP-enabled Trans-Pacific undersea cable.
Although the industry is disappointed with the government decision not to lower spectrum prices at a time telcos are saddled with over Rs 4-trillion debt and an estimated Rs 1.43-trillion licence fee dues, the DCC has relaxed the payment structure to offer some relief to the financially stressed sector.
Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
That's because India does not have a serious venture capital industry with an appetite for risk, observes T N Ninan.
Chinese mobile brands are deeply entrenched in the Indian market. A move to bar them may send a bold diplomatic message. But its cost for the local industry is anybody's guess. In the event that Chinese brands face curbs, two handset makers - Samsung and Apple - squarely stand to gain.
Since the Centre tightened the Press Note 3 norms in April last, as many as 150 private equity/venture capital investment applications from China and Hong Kong are pending with the government, starving the country's start-up ecosystem of funds, says a report. The Press Note 3 (PN3) changes were effected in April, restricting foreign direct investment from countries that share land borders with India. Analysts are of the view that the move was primarily aimed at China as lot of private funds were investing billions into domestic companies.
Flag Telecom was looking at divesting up to 20 per cent of its equity stake through an international convertible bond issue and raise over $200 million.
Falcon, which is owned by Flag Telecom, has been damaged in the Middle East but it is unlikely to affect Net operations across India.
ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by IndusInd Bank, L&T, UltraTech Cement, Titan, SBI and NTPC. NSE Nifty settled 32.10 points up at 14,707.80.
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The existing shareholders will get one RPL share for each RCom share (of Rs 130 market price) held.
Reliance Infratel, a subsidiary of the group's telecom arm RCom, is looking to dilute 10-15 per cent stake in a private placement of shares with the PE firms, investment banking sources said. The company had last year scrapped plans to raise about Rs 6,000 crore (Rs 60 billion) through sale of about 10 per cent shares in an IPO due to adverse market conditions.
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